Bernard Madoff - $50,000,000,000 Ponzi Scheme. And a poor guy gets 5 to 10 years for stealing from a convenience store.

Madoff (Far Left) is the Treasurer of Yeshiva University. There is no telling how many defrauded Protestants contributed to this university unknowingly....

Dec. 11 (Bloomberg) -- Bernard Madoff, president of Bernard Madoff Investment Securities, told employees that his business is “all just one big lie” and “basically, a giant Ponzi scheme,” the U.S. Securities and Exchange Commission said.

In a meeting yesterday at his Manhattan apartment, Madoff, 70, told two senior employees that he was “finished” and had “absolutely nothing,” the SEC said in a civil lawsuit at federal court in Manhattan today. He told the employees his business had been insolvent for years and estimated losses to be about $50 billion, the regulator said.

Madoff said he planned to surrender to authorities in a week, after he distributed some of his remaining $200 million to $300 million to select employees, family and friends, the agency said. He was arrested in a related criminal case today on a single count of securities fraud.

Dan Horowitz (Defense Attorney)
“Bernard Madoff is a longstanding leader in the financial services industry,” said defense lawyer Dan Horwitz. “We will fight to get through this unfortunate set of events. He’s a person of integrity.”

They are all gangsters.